Trader station user interface

ABSTRACT

A variety of user interfaces, systems and methods are provided for traders of commodities, futures contracts, derivatives, stocks, etc. A user interface may have two display modes, locked and unlocked. In the locked mode, some or all of the data fields (price, bids, offers—optionally bids and offers not exposed to the market) are locked. In the unlocked mode, all the data fields, including the price column, are dynamically updated. In a second embodiment, a price column is divided such that prices above the market are in a first column and prices below the market are in a second column to reduce the number of columns required to show bids, offers and prices. Optionally, the trader&#39;s bids and offers not exposed to the market can be shown in columns adjacent to the market bids and offers. In a third embodiment of the invention orders are cancelled if the market changes within a short period of time before the order is placed and the change does not benefit the user.

REFERENCE TO RELATED APPLICATIONS

This application is a continuation under 37 C.F.R. § 1.53(b) of U.S.patent application Ser. No. 14/629,066 filed Feb. 23, 2015 (AttorneyDocket No. 004672-03499Z-US)) now U.S. Pat. No. ______, which is acontinuation under 37 C.F.R. § 1.53(b) of U.S. patent application Ser.No. 12/764,726, filed Apr. 21, 2010, now abandoned, which is acontinuation under 37 C.F.R. § 1.53(b) of U.S. patent application Ser.No. 10/837,818, filed May 3, 2004, now U.S. Pat. No. 7,734,529 whichclaims priority under 35 U.S.C. § 119(e) from U.S. ProvisionalApplication Ser. No. 60/474,035, filed May 29, 2003, the entiredisclosures of all of the above applications are hereby incorporated byreference and relied upon.

FIELD OF THE INVENTION

The present invention relates to the electronic trading of financialinstruments. More particularly, the invention relates to user interfacesthat display information to a user on a display of a PDA, computer orother device.

DESCRIPTION OF THE RELATED ART

It is common for exchanges to allow traders to conduct transactions withhandheld devices and larger computer devices. Attempts have been made topresent rapidly changing information to traders in a form that allowsthe traders to quickly absorb and act on the information.

FIG. 1 shows a prior art user interface disclosed in U.S. PatentApplication Publication 2002/0059129. A long static column of priceinformation is included in column 1005. Bid quantities are included incolumn 1003 and ask quantities are included in column 1004. Bid and askquantities dynamically change to show current market depth and arelocated next to an appropriate price. Price column 1005 includes 19different elements which must be included on a display. One skilled inthe art will appreciate that it would be difficult for a trader to read,use and interact with such a user interface when the user interface isdisplayed on a small screen, such as the screen of a PDA or otherportable electronic device. Among other disadvantages, the resultingsmall characters would be difficult to read.

When using desktop computers or other computer devices having largerdisplays, user interfaces such as the one shown in FIG. 1 can also beundesirable. Traders often display several windows and wish to limit theamount of space required by any one user interface.

Prior systems have attempted to reduce the area required by a userinterface by limiting the amount of information that is displayed at anygiven time. For example, a fixed number of the most relevant pricelevels may be displayed. As the market changes, the price levelsdisplayed changes while the number of price levels remains constant. Onedrawback of these systems is that traders risk placing orders that aredifferent form the orders that they intend to place. For example, atrader may attempt to enter a bid at a certain price level and the userinterface may be updated in the process of entering the bid. A region ofthe user interface corresponding to a first price level may changeduring the entry of an order and correspond to a second price levelbefore the order is entered.

There is a need in the art for systems and methods that incorporate userinterfaces that minimize the area needed for display while maximizingthe readability and usability of the user interfaces. There is also aneed in the art for systems and methods that incorporate user interfacesthat minimize the risk of entering incorrect orders.

SUMMARY OF THE INVENTION

The present invention overcomes at least some of the problems andlimitations of the prior art by providing methods and systems thatutilize the disclosed user interfaces and display methods. In a firstembodiment, a user interface has two display modes, locked and unlocked.In the locked mode, some or all of the data fields such as prices, bids,offers, etc. are locked. In the unlocked mode, all the data fields,including the price column, are dynamically updated. In a secondembodiment, a price column is divided such that prices above the marketare in a first column and prices below the market are in a second columnto reduce the number of columns required to show bids, offers andprices. Optionally, the trader's bids and offers not exposed to themarket can be shown in columns adjacent to the market bids and offers.In a third embodiment of the invention orders are cancelled if themarket changes within a short period of time before the order is placedand the change does not benefit the user.

In other embodiments, the present invention can be partially or whollyimplemented on a computer-readable medium, for example, by storingcomputer-executable instructions or modules, or by utilizingcomputer-readable data structures.

Of course, the methods and systems disclosed herein may also includeother additional elements, steps, computer-executable instructions, orcomputer-readable data structures.

The details of these and other embodiments of the present invention areset forth in the accompanying drawings and the description below. Otherfeatures and advantages of the invention will be apparent from thedescription and drawings, and from the claims.

BRIEF DESCRIPTION OF THE DRAWINGS

The present invention may take physical form in certain parts and steps,embodiments of which will be described in detail in the followingdescription and illustrated in the accompanying drawings that form apart hereof, wherein:

FIG. 1 shows a prior art trader station user interface;

FIG. 2 shows a computer network system that may be used to implementaspects of the present invention;

FIG. 3 shows a trader station user interface, in accordance with anembodiment of the invention;

FIG. 4 shows an exemplary price and quantity grid 400, in accordancewith an embodiment of the invention;

FIG. 5 illustrates a custom order entry region, in accordance with anembodiment of the invention;

FIG. 6 illustrates an embodiment that includes an order entry for a buyand sell limit day orders, in accordance with an embodiment of theinvention;

FIG. 7 illustrates an embodiment of the invention that may be used fororder entry for hit and take orders, in accordance with an embodiment ofthe invention;

FIG. 8 illustrates user interfaces that may be used to cancel workingorders, in accordance with an embodiment of the invention;

FIG. 9 illustrates alternative user interfaces that include 3 columns,in accordance with an embodiment of the invention;

FIG. 10 illustrates a mobile computer device that includes a graphicaluser interface that does not include a lock icon, in accordance withanother embodiment of the invention;

FIG. 11 illustrates an algorithm that may be performed by a mobilecomputer device to protect a user against unexpected changes in prices,in accordance with another embodiment of the invention; and

FIG. 12 shows a mobile computer device having an exemplary graphicaluser interface that allows a user to specify a predetermined time periodas well as a tick tolerance used to determine whether to cancel orders,in accordance with an embodiment of the invention.

DETAILED DESCRIPTION OF THE INVENTION Exemplary Operating Environment

Aspects of the present invention are preferably implemented withcomputer devices and computer networks that allow users to exchangetrading information. An exemplary trading network environment forimplementing trading systems and methods is shown in FIG. 2.

An exchange computer system 100 receives orders and transmits marketdata related to orders and trades to users. Exchange computer system 100may be implemented with one or more mainframe, desktop or othercomputers. A user database 102 includes information identifying tradersand other users of exchange computer system 100. Data may includeusernames and passwords. An account data module 104 may process accountinformation that may be used during trades. A match engine module 106 isincluded to match bid and offer prices. Match engine module 106 may beimplemented with software that executes one or more algorithms formatching bids and offers. A trade database 108 may be included to storeinformation identifying trades and descriptions of trades. Inparticular, a trade database may store information identifying the timethat a trade took place and the contract price. An order book module 110may be included to compute or otherwise determine current bid and offerprices. A market data module 112 may be included to collect market dataand prepare the data for transmission to users. A risk management module134 may be included to compute and determine a user's risk utilizationin relation to the user's defined risk thresholds. An order processingmodule 136 may be included to decompose delta based and bulk order typesfor processing by order book module 110 and match engine module 106.)

The trading network environment shown in FIG. 2 includes computerdevices 114, 116, 118, 120 and 122. Each computer device includes acentral processor that controls the overall operation of the computerand a system bus that connects the central processor to one or moreconventional components, such as a network card or modem. Each computerdevice may also include a variety of interface units and drives forreading and writing data or files. Depending on the type of computerdevice, a user can interact with the computer with a keyboard, pointingdevice, microphone, pen device or other input device.

Computer device 114 is shown directly connected to exchange computersystem 100. Exchange computer system 100 and computer device 114 may beconnected via a Ti line, a common local area network (LAN) or othermechanism for connecting computer devices. Computer device 114 is shownconnected to a radio 132. The user of radio 132 may be a trader orexchange employee. The radio user may transmit orders or otherinformation to a user of computer device 114. The user of computerdevice 114 may then transmit the trade or other information to exchangecomputer system 100.

Computer devices 116 and 118 are coupled to a LAN 124. LAN 124 may haveone or more of the well-known LAN topologies and may use a variety ofdifferent protocols, such as Ethernet. Computers 116 and 118 maycommunicate with each other and other computers and devices connected toLAN 124. Computers and other devices may be connected to LAN 124 viatwisted pair wires, coaxial cable, fiber optics or other media.Alternatively, a wireless personal digital assistant device (PDA) 122may communicate with LAN 124 or the Internet 126 via radio waves. PDA122 may also communicate with exchange computer system 100 via aconventional wireless hub 128. As used herein, a PDA includes mobiletelephones and other wireless devices that communicate with a networkvia radio waves.

FIG. 2 also shows LAN 124 connected to the Internet 126. LAN 124 mayinclude a router to connect LAN 124 to the Internet 126. Computer device120 is shown connected directly to the Internet 126. The connection maybe via a modem, DSL line, satellite dish or any other device forconnecting a computer device to the Internet.

One or more market makers 130 may maintain a market by providingconstant bid and offer prices for a derivative or security to exchangecomputer system 100. Exchange computer system 100 may also exchangeinformation with other trade engines, such as trade engine 138. Oneskilled in the art will appreciate that numerous additional computersand systems may be coupled to exchange computer system 100. Suchcomputers and systems may include clearing, regulatory and fee systems.

The operations of computer devices and systems shown in FIG. 2 may becontrolled by computer-executable instructions stored oncomputer-readable medium. For example, computer device 116 may includecomputer-executable instructions for receiving order information from auser and transmitting that order information to exchange computer system100. In another example, computer device 118 may includecomputer-executable instructions for receiving market data from exchangecomputer system 100 and displaying that information to a user.

Of course, numerous additional servers, computers, handheld devices,personal digital assistants, telephones and other devices may also beconnected to exchange computer system 100. Moreover, one skilled in theart will appreciate that the topology shown in FIG. 2 is merely anexample and that the components shown in FIG. 2 may be connected bynumerous alternative topologies.

User Interfaces

FIG. 3 shows a trader station user interface 300 in accordance with anembodiment of the invention. A new client window is divided into twoportions. An order entry region 302 may be included as the top portionof user interface 300 and an informational region 304 may be included asthe bottom portion of user interface 300.

Order entry region 302 includes a price and quantity grid 306. FIG. 4shows an exemplary price and quantity grid 400. As shown in theembodiment of FIG. 4, price and quantity grid 400 may contain fivecolumns and ten rows. A buy column 402 displays a user's working buyorder quantities. As used herein, a user may be a trader. A hit column404 displays the market bid quantities. Prices for individual rows aredisplayed in a price column 406. A take column 408 displays market askquantities. And, a sell column 410 displays a user's working sell orderquantities. Individual entries may be color coded to assist users inquickly interpreting the displayed information. For example, entries inbuy column 402 and hit column 404 may be in blue and entries in takecolumn 408 and sell column 410 may be in red.

Price and quantity grid 400 includes more rows than are displayed inprice and quantity grid 306 (shown in FIG. 3). Section 412 includes therows from price and quantity grid 400 that are included in price andquantity grid 306. The information included in rows outside of section412, such as the information included in row 414, may be stored inmemory and retrieved when needed. A scroll bar 416 allows a user toselect which group of rows to display in price and quantity grid 306.

Order entry region 302 may also include a custom order entry region 308.FIG. 5 illustrates a custom order entry region in accordance with anembodiment of the invention. A contract field 502 identifies aparticular contract the user wishes to buy or sell. A quantity field 504identifies the number of contracts the user wishes to buy or sell. Auser can adjust the quantity by selecting the increase or decreasescroll icons. Alternatively, the user can edit the displayed text.Scroll icons are particularly convenient for small handheld devices thatmay not include a keyboard or that include a keyboard with small keys.The user's net position for the contract display in contract field 502is displayed in net position field 506.

A lock icon 508 may be included to lock the state of price and quantitygrid 306. The operation of lock icon 508 is described in detail below.The price of the transaction is displayed in a price field 510. In oneembodiment of the invention, selecting contract field 502 causes pricefield 510 to display the most recent market price for that contract. Theuser can adjust the price by selecting the increase or decrease scrollicons. Alternatively, the user can edit the displayed text. Finally, theuser may select either a buy icon 512 or a sell icon 514 to enter a buyor sell order.

Returning again to FIG. 3, a view icon 310 may be used to select thetype of information to display in informational region 304. In oneembodiment of the invention, informational region 304 may containseveral overlaid informational panels. Selecting view icon 310 may causea menu of informational panels to be displayed. Alternatively, selectingview icon 310 may cause informational region 304 to toggle through theinformational panels.

Informational panels may include a variety of different trading relatedinformation. Informational panel 312 displays market activities ofseveral contracts simultaneously. Informational panel 314 may displaysome or all of a user's working orders. In one embodiment of theinvention, a user may cancel a working order by selecting the order ininformational panel 314. An informational panel may also serve as amessage log. Informational panel 316, for example, includes traderelated messages received from a trading match engine. Clearinginformation may also be displayed in an informational panel.Informational panel 318 displays a user's current clearing informationsettings and allows the user to make modifications. One skilled in theart will appreciated that two or more of the disclosed informationalpanels may be combined and additional informational panels may be usedwithout departing from the scope of the invention.

Aspects of the present invention support a variety of different orders,such as buy/sell limit day order and buy/sell fill and kill limit dayorder. Orders may be for financial instruments such as optionscontracts, futures contracts, options on futures contracts, securities,etc.

The information included in price and quantity grid 306 may change whilethe market moves. An element within the grid may represent onetransaction at a first time and a second transaction a split secondlater. With prior user interfaces, the user risked sending an unwantedorder or cancel request to a trade engine. With the present invention,lock icon 508 may be used to freeze the state of the user interface toprevent elements of price and quantity grid from changing while the userenters a trade. Once clicked, price and quantity grid 306 will only beupdated in the memory of the device, and there is no display update. Asa result and as described in detail below, selecting an element withinprice and quantity grid 306 will send out an order or cancel requestthat the user intended. In one embodiment, soon after the request issent, the lock will be released automatically. The lock can also bereleased by clicking lock icon 508 again without sending out any orderrequest. In one alternative embodiment, lock icon 508 may be replacedwith a button or other physical device that forms part of a computerdevice.

Of course there are numerous alternatives for releasing the lock, suchas releasing after the order is entered, after a time defined by theuser, etc. In another embodiment, only a portion of price and quantitygrid 306 is locked, such as the portion that the user is using to enteran order or the price column. The user may be presented with options forselecting the criteria for locking and unlocking. For example, a lockicon may be placed next to each column and/or row to allow the user toselect columns and rows to lock.

FIG. 6 illustrates an embodiment that includes an order entry sectionfor buy and sell limit day orders. User interface 602 illustrates astate before the entry of an order. User interface 602 may be presentedon the display of a computer device, such as a PDA. In the example shownin FIG. 6, the user wishes to buy 100 ESH3 contracts at 83550. In orderto ensure that user interface 602 does not change while the user is inthe process of entering an order, the user may first select lock icon604. After lock icon 604 is selected, updated market information isstored locally, but not presented on the display. Next, the user sets aquantity field 606 to 100 (the number of contracts the user wishes tobuy). Element 608 is then selected to enter the order. Element 608 maybe selected with a stylus, keypad, mouse or any other conventionalmechanism for selecting elements of a graphical user interface.Selecting any element in the left most column will send in a limit GTDbuy order with the price specified in the center column and the quantityspecified in quantity field 606. Similarly, selecting any element in theright most column will send in a limit GTD sell order with the pricespecified in the center column and the quantity specified in quantityfiled 606.

After element 608 is selected, a buy order for 100 ESH3 contracts at83550 may be transmitted to a match engine. After the order is entered,the lock may be released automatically so that updated marketinformation is displayed. User interface 610 illustrates a state thatexists while an order is pending. The background color of element 612may be changed to indicate that the order is pending. Of course othervisual aspects of element 612 and/or visual aspects of the surroundingelements may be changed to indicate that the order is pending. A messagebanner 614 may also include a message indicating that an order ispending. The background color of message banner 614 may be changed toindicate that an order is pending. In one embodiment of the invention,the background color of element 612 and message banner 614 is changed togreen to indicate that an order is pending.

Next, it is determined whether or not the order was accepted. Userinterface 616 illustrates a state that exists when an order has beenrejected. A dialog box 618 may be presented to indicate that the orderwas rejected and may also provide a reason for the rejection. A messagebanner 620 may also indicate that the order was rejected. In oneembodiment, the background color of message banner 620 is changed to acolor that is different from the background color of message banner 614,such as yellow. Region 622 may be selected to close message banner 620.

User interface 624 illustrates a state that exists when an order hasbeen accepted. Element 626 has been updated to show that the user hasentered an order for 100 additional contracts. Similarly, element 628has been updated to reflect the order. The background color of element626 may also be switched to the default color. A message banner 630 mayindicate that the order was accepted. In one embodiment, the backgroundcolor of message banner 630 is changed to a color that is different fromthe background colors of message banners 614, and 620, such as blue.Region 632 may be selected to close message banner 630. Informationalpanels 634, 636 and 638 are exemplary informational panels that may bedisplayed after an order is accepted.

FIG. 7 illustrates an embodiment of the invention that may be used fororder entry for hit and take orders. User interface 702 illustrates astate before the entry of an order. Column 704 is a hit column thatincludes market bid quantities and column 706 is a take column thatincludes market ask quantities. Selecting any element in hit column 704will send in a limit fill and kill buy (HIT) order with the pricespecified in price column 708 and the quantity equal to all availablemarket quantity. Similarly, selecting any element in take column 706will send in a limit fill and kill sell (TAKE) order with the pricespecified in price column the center column and the quantity equal toall available market quantity.

In the example shown, a user may send a fill and kill limit order for270 ESH3 contracts at 83525 by selecting element 710. After element 710is selected, the order may be sent to a match engine. User interface 712illustrates a state while the order is pending. The background color ofelement 714 may be changed to indicate that the order is pending. Ofcourse other visual aspects of element 714 and/or visual aspects of thesurrounding elements may be changed to indicate that the order ispending. A message banner 716 may also include a message indicating thatan order is pending. The background color of message banner 716 may bechanged to indicate that an order is pending. In one embodiment of theinvention, the background color of element 714 and message banner 716 ischanged to green to indicate that an order is pending.

Next, it is determined whether or not a match engine has eliminated theorder. User interface 718 illustrates a state that exists when an orderhas been eliminated. The background color of element 720 returns to thesame color as the background of element 710. A message banner 722 mayindicate that the order has been eliminated. The background color ofmessage banner 722 may be changed to indicate that the order has beeneliminated. In one embodiment the color is changed to yellow. A dialogbox may also be displayed to indicate that the order has been eliminatedand may also provide a reason for the elimination.

User interface 724 illustrates a state when the order has been accepted.The values in elements 726, 728 and 730 are reset to reflect the changein net positions and to indicate that the order has been accepted. Amessage banner 732 may be included to indicate that the order has beenaccepted. The color of message banner 732 may also be changed to adifferent color, such as blue. Informational panel 734 is an exemplaryinformational panel that may be displayed after an order has beenaccepted.

FIG. 8 illustrates user interfaces that may be used to cancel workingorders, in accordance with an embodiment of the invention. Selecting aprice element in price column 802 of user interface 804 will send acancel request to a match engine to cancel all working orders at thatprice. User interface 806 illustrates a state that exists when the userselects element 808. The background color or other visual characteristicof element 808 may be changed to indicate that a cancel order ispending. A message banner 810 may also include a message indicating thatan order is pending. The background color of message banner 810 may bechanged to indicate that an order is pending. In one embodiment of theinvention, the background color of element 808 and message banner 810 ischanged to green to indicate that an order is pending.

It is next determined whether the order is accepted. User interface 812illustrates a state that exists when an order has not been accepted.User interface 814 illustrates a state that exists when an order hasbeen accepted. User interfaces 812 and 814 are similar to userinterfaces 616 and 624 (shown in FIG. 6) respectively, and a descriptionis not repeated here. Informational panels 816 and 818 are exemplaryinformational panels that may be displayed after an order is accepted.

In one embodiment of the invention, a single command may be used tocancel all of a user's orders for a specific contract or all orders forall contracts. For example, selecting the column heading for column 802may cancel all orders for the contracts identified in element 820.

A confirmation box option may be used to protect against unwantedtrades. Activating and deactivating the confirmation box may beaccomplished by making an appropriate menu selection. Once theconfirmation box is turned on, every trade will be echoed in theconfirmation box to ask for further approval. If the user approves theorder, the order request may be sent to a match engine. If cancelled,nothing will be sent to the match engine.

A user can limit his or her one-time trading quantity to a fixed maximumnumber. This will protect user from hitting or taking an unwanted largemarket quantity or an erroneous quantity specification. If the quantityin any order request exceeds this number, a message box will be poppedup to warn user, and the request will not be sent to the host. Thedetermination of whether a trading quantity exceeds a fixed maximumnumber may be made locally and/or at a match engine.

FIGS. 9 illustrate alternative user interfaces 902 and 904 in accordancewith an embodiment of the invention. User interfaces 902 and 904preferably include only 3 columns. Of course, the information includedin the three columns may also be arranged in 3 rows. Among otheradvantages, the use of only three rows or columns eliminates unusedspace and improves readability on a small display or section of adisplay.

User interface 902 includes a first column 906 that may include askprices and market bid quantities. A second column 908 may include theuser's working bid and ask quantities. A third column 910 may includebid prices and market ask quantities.

In operation, selecting element 912 or 914 will transmit a sell orderhaving the price indicated and the quantity listed in element 916.Selecting element 918 or 920 will transmit a sell order for theindicated quantity that will be matched at entry with existing buy limitorders and the best available buy price. Selecting element 922, 924 or926 will transmit a buy order having the price indicated and thequantity listed in element 916. Selecting element 928 or 930 willtransmit a buy order for the indicated quantity that will be matched atentry with existing sell limit orders and the best available price. Userinterface 902 may incorporate the color schemes and functionality ofuser interfaces described above.

One skilled in the art will appreciate that numerous modifications touser interface 902 may be made while still utilizing 3 columns. Userinterface 904, for example, replaces sell column 906 and buy column 910of user interface 902 with a hit column 930 and a take column 932. Inone exemplary embodiment, a user may take the market for the indicatedquantity by selecting element 934 or 936. The user may hit the marketfor the indicated quantity by selecting element 938 or 940. Additionalmodifications may include allowing a user to transmit an order byselecting any element within a row. For example, with reference to userinterface 904, a user may transmit a take order for 100 contracts byselecting any element within row 942.

FIG. 10 illustrates a mobile computer device 1000 that includes agraphical user interface that does not include a lock icon in accordancewith another embodiment of the invention. Mobile computer device 1000may be configured to monitor changes in market depth and cancel ordersin which the market price has changed within a short period of timebefore the user enters the order. In one embodiment of the invention,this price protection feature may be applied to only a portion of aprice and quantity grid. For example, the price protection feature maybe applied to only rows 1002 and 1004.

FIG. 11 illustrates an algorithm that may be performed by mobilecomputer device 1000 to protect a user against unexpected changes inprices. First, in step 1102 mobile computer device 1000 receivesdynamically updated market depth information for a financial instrument.Next, mobile computer device 1000 receives an order for the financialinstrument from a user in step 1104. Step 1104 may result from, forexample, the user providing a selection command to the graphical userinterface. In step 1106 it is determined whether the market price forthe financial instrument has changed within a predetermined period oftime before receiving the order from the user. For example, it may bedetermined whether the price has changed within a two second period oftime that begins two seconds before receiving the order and ends at thepoint that the order was received. In an alternative embodiment, adefault tick tolerance or user specified tick tolerance is used and step1106 includes determining whether the market price has changed apredetermined amount.

If the price has not changed within the predetermined time period, theorder may be transmitted to a match engine in step 1108. In alternativeembodiments of the invention step 1108 may be replaced with one or moreother steps that result in an order being conveyed from the mobileterminal to a destination that will ultimately result in the order beingplaced with an exchange.

When the price has changed within the predetermined time period, in step1110 it is determined whether the price change benefits the user. Whenthe price change benefits the user, the order is transmitted to a matchengine in step 1108. When the price change does not benefit the user,the order is canceled in step 1112. As used herein, an order is canceledwhen it is deleted or otherwise does leave mobile computer device 1000so that the order may be executed at an exchange.

In various embodiments of the invention, users are allowed to select thepredetermined time period and/or tick tolerance. FIG. 12 shows a mobilecomputer device having an exemplary graphical user interface that allowsa user to specify the predetermined time period as well as the ticktolerance. In alternative embodiments of the invention a plurality ofpredetermined time periods and/or tick tolerance may be used. Forexample, a first time period may be assigned for orders exceeding amonetary or quantity threshold and a second time period may be assignedfor orders that do not exceed the threshold. The predetermined timeperiods and/or tick tolerances may also be specific to individual orgroups of financial instruments.

Various aspects if the invention may include additional mechanisms toprevent unwanted trades. For example, a confirmation box may beactivated to present a dialog box to users and request final approvalbefore transmitting a trade. A user can also limit his or her one-timetrading quantity to a fixed maximum number. This will protect the userfrom hitting or taking an unwanted large market quantity or an erroneousquantity specification. If the quantity in any order request exceedsthis number, a message box will be popped up to warn the user and therequest will not be sent to the host. The determination of whether atrading quantity exceeds a fixed maximum number may be made locallyand/or at a match engine.

The present invention has been described herein with reference tospecific exemplary embodiments thereof. It will be apparent to thoseskilled in the art that a person understanding this invention mayconceive of changes or other embodiments or variations, which utilizethe principles of this invention without departing from the broaderspirit and scope of the invention as set forth in the appended claims.All are considered within the sphere, spirit, and scope of theinvention.

I claim:
 1. A computer implemented method comprising: receiving, by aprocessor, market data for a financial instrument from an exchangecomputer system; storing, by the processor in a non-transitory memorycoupled therewith, the received market data upon receipt thereof;determining, upon receipt of the market data by the processor, whether alock function is activated; displaying, by the processor on a displaycoupled therewith, the received market data when the lock function isdetermined to not be activated; not displaying, by the processor on adisplay coupled therewith, the received market data when the lockfunction is determined to be activated; receiving, by the processor viaan input device coupled therewith, a command to activate the lockfunction and subsequent thereto receiving, by the processor, an orderfor the financial instrument; and deactivating, automatically by theprocessor responsive to the receipt of the order, the lock function. 2.The computer implemented method of claim 1, wherein the received marketdata comprises an update to previously received and displayed marketdata.
 3. The computer implemented method of claim 2, wherein the updateto previously received and displayed market data causes a displayedposition of other displayed market data to change.
 4. The computerimplemented method of claim 1, wherein the input device and displaycomprise a touch-sensitive display.
 5. The computer implemented methodof claim 1, wherein upon deactivation of the lock function, displaying,by the processor, any market data received and stored subsequent to theprior activation of the lock function.
 6. The computer implementedmethod of claim 1 further comprising transmitting data indicative of thereceived order to a match engine of the exchange computer system.
 7. Thecomputer implemented method of claim 1 wherein the processor, memory,input device, and display are comprised by a mobile terminal.
 8. Thecomputer implemented method of claim 1 wherein the financial instrumentcomprises one of a options contract or a futures contract.
 9. Thecomputer implemented method of claim 1, wherein the displaying of thereceived market data further comprises: displaying, by the processor,along a first axis, working buy order quantities; displaying, by theprocessor, along a second axis parallel to the first axis, market bidquantities; displaying, by the processor, along a third axis parallel tothe first and second axes, a list of price values; displaying, by theprocessor, along a fourth axis parallel to the first, second and thirdaxes, market ask quantities; and displaying, by the processor, along afifth axis parallel to the first, second, third and fourth axes, workingsell order quantities; and wherein the working buy order quantities,market bid quantities, maker ask quantities and working sell orderquantities are displayed in alignment with corresponding values of thelist of price values.
 10. The computer implemented method of claim 1,wherein the displaying of the received market data further comprises:displaying, by the processor, along a first axis, ask prices and marketbid quantities; displaying, by the processor, along a second axisparallel to the first axis, working bid and ask quantities; anddisplaying, by the processor, along a third axis parallel to the firstand second axes, bid prices and market ask quantities.
 11. Acomputer-implemented method for dynamically changing the state of agraphical user interface, the method comprising: (a) updating, by aprocessor on a graphic user interface coupled therewith, market depthinformation for a financial instrument based on market data receivedfrom an exchange computer system as the market data is received; (b)monitoring, by the processor, a state of a lock command from the graphicuser interface to determine when a lock icon depicted thereon has beenselected; (c) when a lock command has been received, processing, by theprocessor, the lock command and, based thereon, temporarily halting theupdating by the processor of the market depth information; (d)receiving, by the processor via the graphical user interface, an orderfor the financial instrument; and (e) in response to (d) automaticallyresuming, by the processor, updating of the market depth information.12. The computer-implemented method of claim 11, further comprising: (f)in response to (d) transmitting an order to a match engine.
 13. Thecomputer-implemented method of claim 11, wherein the market depthinformation includes bids and asks oriented horizontally.
 14. Thecomputer-implemented method of claim 11, wherein the market depthinformation includes entered and working orders in alignment with theprices corresponding thereto.
 15. A device comprising: a processor, anon-transitory memory coupled with the processor, an input devicecoupled with the processor, and a display coupled with the processor,the memory storing computer readable instructions that when executed bythe processor cause the processor to: receive market data for afinancial instrument from an exchange computer system; store, in thememory, the received market data upon receipt thereof; determine, uponreceipt of the market data, whether a lock function is activated;display, on the display, the received market data when the lock functionis determined to not be activated; not display, on the display coupledtherewith, the received market data when the lock function is determinedto be activated; receive, via the input device, a command to activatethe lock function and subsequent thereto receive an order for thefinancial instrument; and deactivate, automatically responsive to thereceipt of the order, the lock function.
 16. The device of claim 15,wherein the received market data comprises an update to previouslyreceived and displayed market data.
 17. The device of claim 16, whereinthe update to previously received and displayed market data causes adisplayed position of other displayed market data to change.
 18. Thedevice of claim 15, wherein the input device and display comprise atouch-sensitive display.
 19. The device of claim 15, wherein upondeactivation of the lock function, the computer readable instructionsare further executable by the processor to cause the processor todisplay any market data received and stored subsequent to the prioractivation of the lock function.
 20. The device of claim 15, wherein thecomputer readable instructions are further executable by the processorto cause the processor to transmit data indicative of the received orderto a match engine of the exchange computer system.
 21. The device ofclaim 15 wherein the processor, memory, input device, and display arecomprised by a mobile terminal.
 22. The device of claim 15 wherein thefinancial instrument comprises one of a options contract or a futurescontract.
 23. The device of claim 15, wherein the computer readableinstructions are further executable by the processor to cause theprocessor to: display, along a first axis, working buy order quantities;display, along a second axis parallel to the first axis, market bidquantities; display, along a third axis parallel to the first and secondaxes, a list of price values; display, along a fourth axis parallel tothe first, second and third axes, market ask quantities; and display,along a fifth axis parallel to the first, second, third and fourth axes,working sell order quantities; and wherein the working buy orderquantities, market bid quantities, maker ask quantities and working sellorder quantities are displayed in alignment with corresponding values ofthe list of price values.
 24. The device of claim 15, wherein thecomputer readable instructions are further executable by the processorto cause the processor to: display, along a first axis, ask prices andmarket bid quantities; display, along a second axis parallel to thefirst axis, working bid and ask quantities; and display, along a thirdaxis parallel to the first and second axes, bid prices and market askquantities.